LAHORE -The super mega project of China-Pakistan Economic Corridor(CPEC) ispoised to herald industrial revolution and usher in an era of prosperity,development, progress, besides uplifting the socio-economic condition ofthe poor strata in Pakistan.
The United Business Group ( UBG) Chairman Iftikhar Ali Malik and theGroup’s candidates for the upcoming election of Federation of PakistanChambers of Commerce and Industry (FPCCI) expressed these views whiletalking to APP here on Sunday.
They added the CPEC was the game changer and a number of projects under theeconomic corridor were being completed. These projects, they observed, wereputting a very positive impact on economic conditions of the people thusimproving their living standard substantially.
Malik said that prudent economic decisions taken by Prime Minister ImranKhan were yielding positive results in stimulating the industrial growth inFaisalabad.
He said that government’s effective measures were also giving a boost toconstruction industry across the country while electricity relief packagewas also contributing a lot in accelerating economic activities in allsectors.
Responding to a question, Malik said that COVID-19 had crippled even theadvanced economies of the world, countries including Pakistan were tryingto maneuver through the coronavirus; monetary and fiscal policies wereextensively being used to deal with negative economic impact due to thepandemic.
He mentioned the decision of allowing industrial operations during thesecond wave of coronavirus pandemic definitely had a salutary impact on thenational economy.
Malik said the PTI government this time again during second wave of coronapandemic had made its best and the economy was now recovering graduallybecause of appropriate policy recourse to address the macroeconomicimbalances.
The stabilization efforts paid off with a sustained adjustment in currentaccount deficit and continued fiscal prudence, he added.
The UBG Presidential candidate in the upcoming (FPCCI) election KhalidTawab told APP that all chambers and affiliated trade associations ofentire provinces of Sindh and Baluchistan had reposed unflinchingconfidence in the UBG policies which was evident from the fact that theyelected the UBG vice presidential candidates in Sindh and Balochistanunopposed.
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Khalid Tawab was of the view that COVID-19, in a way, further highlightedthe fundamental weaknesses of Pakistan’s economy such as low tax to GDPratio, reduced savings rate and minimal export growth with negligible valueaddition etc. while the industrial sector regressed. However, the presentgovernment responded promptly to such issues by reforming policy measures;introducing smart lockdowns instead of bringing all the economic activitiesto a standstill.
“Since business community is the backbone of the economy and we acknowledgethe government’s efforts to facilitate the businesses and industry. Wesupport Imran Khan’s vision of much-needed revitalization of the economyand industry,” he assured.
He, however, added that though the PTI government was committed to increasethe exports and improve trade activities in the country, stakeholders ofmany sectors of economy were being ignored by the policy makers.
He urged the authorities concerned to ensure representation of allstakeholders while framing future economic policies and trade relateddecisions so as to make them viable.
On this occasion, Pervaiz Lala VP candidate from Punjab demanded of thegovernment to extend the construction package for one year so that hugeinvestment injected in this industry could bear fruits. He assured that allproblems being confronted by business community would be addressed on toppriority by the UBG at the Federation’s platform.
Malik and the UBG candidates expressed the resolve that if the UBG panelvoted to power, it would continue to safeguard interests of the trade andindustry at all levels.
They assured the voters that a special cell would be established to monitorthe industry’s losses in the ongoing COVID-19 so that another additionalpackage could be obtained from the government to help sustain and stabilizethe industry on top priority.
They also appealed to the businessmen and industrialists to strictly adhereto SOPs (Standard Operating Procedures) issued by the government time totime with the resurgence of the deadly virus so that they could savethemselves and others from this pandemic.
